Includes $8.2 million, or $0.27 per diluted share, charge for the
Tax Cuts and Jobs Act

January 26, 2018 11:06 AM Eastern Daylight Time

RYE, N.Y.--(EON: Enhanced Online News)--GAMCO Investors, Inc. (“GAMCO”) (NYSE:GBL) announced today that it
expects to report fourth quarter earnings of between $0.44 to $0.46 per
fully diluted share. This fourth quarter range reflects the estimated
impact of the Tax Cuts and Jobs Act (“the Act”) on GAMCO’s results. The
Company’s net deferred tax assets are expected to be reduced by $8.2
million, or $0.27 per diluted share, from the Act’s lower corporate tax
rate.

The Company’s preliminary estimate, given no material changes in the
business, of its 2018 effective tax rate is between 33% and 36%
reflecting the estimated impact of the Act. The lower Federal tax rate
benefit of the Act will likely be muted by the Act’s change to named
executive officer compensation deductibility which removes the
performance based compensation exception.

Assets under Management were $43.1 billion at December 31, 2017, up 7.8%
from $40.0 billion at December 31, 2016 and unchanged from the $43.1
billion at September 30, 2017.

We will be issuing further details on our financial results in early
February.

The financial results set forth in this press release are preliminary.
Our disclosure and analysis in this press release, which do not present
historical information, contain “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements convey our current expectations or forecasts
of future events. You can identify these statements because they do not
relate strictly to historical or current facts. They use words such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” and other words and terms of similar meaning. They also
appear in any discussion of future operating or financial performance.
In particular, these include statements relating to future actions,
future performance of our products, expenses, the outcome of any legal
proceedings, and financial results. Although we believe that we are
basing our expectations and beliefs on reasonable assumptions within the
bounds of what we currently know about our business and operations, the
economy, the effects of the Tax Cuts and Jobs Act, and other conditions,
there can be no assurance that our actual results will not differ
materially from what we expect or believe. Therefore, you should proceed
with caution in relying on any of these forward-looking statements. They
are neither statements of historical fact nor guarantees or assurances
of future performance.

Forward-looking statements involve a number of known and unknown risks,
uncertainties and other important factors, some of which are listed
below, that are difficult to predict and could cause actual results and
outcomes to differ materially from any future results or outcomes
expressed or implied by such forward-looking statements. Some of the
factors that could cause our actual results to differ from our
expectations or beliefs include a decline in the securities markets that
adversely affect our assets under management, negative performance of
our products, the failure to perform as required under our investment
management agreements, a general downturn in the economy that negatively
impacts our operations, and the ongoing impacts of the Tax Cuts and Jobs
Act with respect to tax rates and the non-deductibility of certain
portions of NEO compensation. We also direct your attention to the more
specific discussions of these and other risks, uncertainties and other
important factors contained in our Form 10-K and other public filings.
Other factors that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of them.
We do not undertake to update publicly any forward-looking statements if
we subsequently learn that we are unlikely to achieve our expectations
whether as a result of new information, future developments or
otherwise, except as may be required by law.

RYE, N.Y.--(EON: Enhanced Online News)--GAMCO Investors, Inc. (“GAMCO” or the “Company”) (NYSE:GBL) today announced the addition of the following teammates to its research and portfolio management ... more »